Dunman Road GLS site launch for sale via public tender
Analysts expects top bid to come in at more than $1 billion
Under the Confirmed list for 1H 2022 Government Land Sales (GLS) programme, a 99-year leasehold private residential land parcel at Dunman Road has been put up for sale via public tender.
The Dunman Road GLS site has a total area of 950,679 square feet and has the potential to yield around 1,040 private homes.
You can view more details of the site from the Urban Redevelopment Authority (URA) website.
It was noted that the site is only 800 metres away from the Jalan Tembusu GLS site.
That site was acquired earlier in January 2022 by City Developments Ltd (CDL) for $768 million ($1,302 psf ppr).
Analysts believe that the Dunman Road GLS site could fetch more than $1 billion and the top bid received could range between $1,250 to $1,350 psf ppr.
Hence, the future new launch condo at Dunman Road will likely be sold within the range of $2,300 – $2,400 psf.
The location of this site in District 15 certainly appeals to most property developers as it’s close to Dakota MRT station and various top educational institutes.
Despite the size of the Dunman Road GLS site, it should still draw strong interest from mega developers due to their depleting land inventory.
In addition, there’s also a dwindling supply of brand new private homes that are still unsold in the market.
Developers may encouraged by the fact that many mega-scale projects in the last couple years have been very well-received.
Most of these project are already more than 90 percent sold to-date.
As of 4Q of 2021, there were only 14,154 unsold condo units in Singapore from new launch projects, which is a record low.
The tender of the Dunman Road GLS site will close on 02 June 2022, 12 noon.